Question

what are the chararistics of the product that has an inelastic demand?

Answer 1

When a change in price does not really affect the supply and demand. They are less sensitive to price change. Examples of inelastic goods are fuel, tobacco products (for those who use them), milk, bread, basic necessities including medications. People will purchase these goods regardless of the cost because they are needed. It is the goods that are inelastic, not the brand.